(Note: This applies to residential customers; business customers should contact us for more info.)

Customers often ask us about security deposits. We require a deposit – normally in cash – to secure your outstanding account balance. The amount of the deposit is based upon the type of heat at your residence or its history of electric usage. We typically require deposits from customers who are either new to AEP Ohio or have had trouble paying their bills on time.

Do I have other options?

In lieu of a cash deposit you may provide either:

  • A guarantor who agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines to qualify.
  • A letter from another utility showing on-time payment for at least twelve months.

Will I earn interest on my cash deposit?

Yes. As long as we hold your deposit for least six months, you’ll earn interest at a rate of 3% per year from the date you paid your deposit.

Will I get my deposit and interest back?

Your deposit plus interest will be applied to your account after one year, provided no more than two bills were paid late. If any bills are paid more than 30 days past their due date then the deposit and interest won’t be applied.

If you close your account, any remaining deposit plus interest will be applied to your final AEP Ohio bill. (Interest is earned after a deposit is held six months.)

More questions? Please contact our Customer Solutions Center at (800) 672-2231.

28 responses to “Why Do I Have to Pay a Security Deposit?

      1. I set up a business account at the end of October to be effective on the first of November. I was then informed by the lady that helped set this up that the deposit was not required up front and that it could be paid in installments of $100 over 4 months starting this December. The fact that AEP shut my power off today, WITH NO NOTICE, and has lost me thousands in sales putting my employees livelihoods in jeopardy shows that I was lied to. You need to retrain your accounts department to give correct information, make sure they are giving notices to customers when issues arise, and not hang up on said customer when they call to rectify a screw up your employees caused in the first place.

        1. Hi Robert. I am very sorry to hear about this. I don’t know what happened but I can tell you we are now looking into it. A customer service representative will be in touch with you soon. Thanks for notifying us.

  1. If I am transferring service to say, next door, will I have to pay an additional security deposit?

    I have lived at my current address for 3 months, and I have just finished paying off my security deposit. So, I was wondering if moving next door to a relatives previous address will cause me to have to pay another security deposit on my electric account.

    1. Good question, Brandon. If you’re transferring service, the deposit will transfer to the new address. The best way to ensure this is to apply for the new address and close the existing address at the same time.

      If you’re going to have both accounts in your name, you’ll need to to provide a deposit for the second account. Typically we require about a 12 months of prompt payments to establish creditworthiness, so your standing will be affected by your service history first account. Hope that helps!

  2. If we sign as guarantor for our son to start service at his apartment, how long do we remain responsible for his service? Thanks

    1. Hi Shane. Thanks for asking. The guarantor is in effect until the customer pays 10 of 12 bills on time. Hope that helps — have a great day!

  3. Hello,
    I was trying to contact AEP to stop my service and get my deposit, since I am overseas at the moment.
    I used the e-mail you provided, but was not working. could you please, provide me with a “good” e-mail address? By the way, an 800 number will not help.

  4. I just started service at my new place for the first time. I was told I have 10 days to pay the deposit will the service be up and running before the deposit is paid

    1. Hi Breyana. Thanks for asking. Yes, new service will start on the day your account is opened and scheduled. You have 10 calendar days to pay the deposit amount in full or service will be disconnected.

  5. I recently transferred service to a new address. I had AEP Service for 6 years at my old address. The new address the bill was paid on 2 occasions 9 days past the due date and I was charged a deposit. Why is that? I am not a new customer. Had AEP service for 6 years at the old address.

    1. Hello Debra. We often require deposits from customers who are new to AEP Ohio or existing or past customers who haven’t consistently paid their bills on time. It sounds like the latter may be the reason you were charged a deposit. Our customer solutions team would be happy to take a look at your account and provide you with a definitive answer. Give them a call at 800-672-2231.

  6. I just made a pymt arrangement today that will be over a nine month span.. I am getting ready to move next month ten minutes south of where I currently live (same county).. will I be charged a deposit?

    1. Hi Pamela,

      We can’t speak to your specific situation, but in general, a deposit isn’t required to transfer service from a current address to a new one. Giving the customer solutions team a call at 800-672-2231 would be your best bet to find out exactly what will happen with your account.

  7. Is their way for me to find out how much the deposit for electric would be at a place I’m getting ready to rent I don’t know the electric history I don’t know the bill history of the place I mean I’m renting the trailer so how can I find out how much the deposit will be

    1. Hi Mary, please give our customer solutions team a call at 800-672-2231 and they will be able to help you out.

  8. When I moved into my apartment with power supplied by AEP I paid a $475 deposit. My first bill was approximately $150 which I paid. After that I received bills stating no $ due at this time. Did I overpay the first month and thus my account was credited or did AEP use part of my security deposit to pre-pay my bills ? Either way I’m very happy with AEP being the most informative utility company I have ever dealt with.

    1. Hi Richard, we’re so happy to have you as a customer and we’re glad to hear your experience has been a pleasant one. I’ve asked our customer solutions team to reach out to you to answer your specific account-related question. If you want to reach them directly, please call 800-672-2231 or message them on Facebook or X (formerly known as Twitter).

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